Nvidia CEO Jensen Huang has stated this week that he is 'perfectly fine' with the potential implementation of a billionaire's tax. If a proposed ballot initiative succeeds in establishing a one-time 5% wealth tax on California's billionaires, Huang could face a bill of approximately $7.75 billion (£5.76 billion), based on his estimated net worth of $155 billion (£115.34 billion).
The initiative needs to gather over 870,000 signatures to qualify for the November 2026 ballot, at which point California voters will decide whether to adopt the tax. If approved, it would impose a levy on all assets of billionaires with a net worth exceeding $1.1 billion (£818.6 million) as of the start of 2026. This would include stocks and business interests, even if individuals choose to relocate to other states later that year.
